In 2009, the first season of Shark Tank was aired. As of 2024, it’s been almost 15 years and 15 Seasons of Shark Tank, with numerous episodes where each episode featured multiple entrepreneurs all around the United States. These entrepreneurs had represented their companies in front of the Sharks to obtain a deal.
Some of them were successful in getting an offer from the Sharks, while a few of them couldn’t acquire a deal.
That dramatic moment when a Shark (or some of the time, Sharks) and an entrepreneur consent to make an agreement has forever been one of the most incredible parts of the show.
However, do you have any idea that all of the deals that are apparently closed in the Tank don’t necessarily end up in reality?
If we look at Shark Tank’s history, many deals were not finalized after the episode aired. Let’s take a look at some Shark Tank deals that never closed after the show.
What Happens After A Deal Is Made On Shark Tank?
If you’re an entrepreneur, getting an investor for your company is definitely a great feeling. It’s better when the investor is someone who can really assist with taking your business to a higher level.
Obviously, hearing the words “you got it” after pitching your company in the Shark Tank is an accomplishment that most entrepreneurs will always remember.
However, in reality, those words are very trivial. If you accept a deal in the Shark Tank, it doesn’t really imply that the offer is legit.
After filming, the Sharks’ legal teams proceed to verify the organizations they’d like to finalize deals with. It’s an extremely cautious, insightful analysis. The objective here is to make sure that the numbers match what was displayed on the show and to ensure that the organization is valid.
Sadly, this interaction often uncovers things that weren’t discussed on the show. On the other hand, the Shark’s plan for the business doesn’t really align with the entrepreneurs’ objectives.
For certain organizations, the loss of the Shark Tank deal is hindering their business. In other cases, however, not doing the deal actually turned out to be the better decision. Following are 10 Shark Tank deals that weren’t finalized.
Mr. Tod Pie Factory
Tod Wilson appeared in the first episode of Shark Tank 01, seeking $460,000 in exchange for 10% equity. The company makes delicious pies and desserts and sharks really liked the taste.
After several minutes of discussion and counteroffers, Wilson agreed on $460,000 for 50% equity on the camera. However, this deal never happened after the show because Wilson was not ready to give a 50% stake in his company.
Although Wilson didn’t get any investment, his appearance on the show helped a lot in the marketing, and this company saw a great boost in sales after the airing of the episode.
In March 2017, Wilson was accused of witness tampering, but the court dismissed this charge. After two years, Wilson sued the Englewood, New Jersey, police department for “falsely imprisoning and maliciously prosecuting,” the court dismissed this lawsuit in November 2021
Later, the founder started selling his products online, and Americans loved his pies. As of March 2024, Mr. Tod’s Pie Factory business is operational and doing over $15 million in annual revenue (source).
REMYXX
Gary Gagnon founded REMYXX, which offered recycled sneakers that were durable, stylish, colorful, and comfortable. In spite of having no sales, Gary pitched his brand on Shark Tank Season 3 and asked for $50k for 10% equity.
Daymond John chose to make a deal and offered to credit $50,000 in return for 80% of the value of the business, to which Gary agreed.
However, after the show aired, Daymond reconsidered his offer as he didn’t want Gary to give up 80% of his company. He advised Gary to begin a Kickstarter campaign to acquire money for making shoes. Gary did accordingly and had sales of $40000. Garry renamed REMYXX as ReKixx but in 2019, the company was closed.
Boot Illusions
Appearing on Shark Tank Season 3, Queenie Davis and Andrew Goodrum asked for $100,000 for 30% equity in their company, Boot Illusions. Boot Illusions offered products that easily converted your heels into boots.
Boot Illusions agreed to Barbara’s deal of $100k for 55% equity. Despite Andrew and Queenie leaving Shark Tank with an offer, the deal with Barbara Corcoran never actually went through after the show.
The entrepreneurs tried to turn Boot Illusions into a successful venture. However, due to their production and manufacturing issues, the innovative footwear brand was closed down.
Trobo
Jeremy Scheinberg and Chris Harden went to Shark Tank Season 7 to present Trobo and asked for $100,000 for 10% equity in their company. Trob created a plush robot to teach kids about STEM.
Trobo acquired a deal from Robert Herjavec for $166k in return for 33.3% equity, contingent upon its deal with DreamWorks.
However, the deal was never finalized, possibly due to Dreamworks’ minimal interest and complicated legal demands. Their product development was affected, and eventually, Trobo shut down in 2017.
Plated
Nick Taranto and Josh Hix created Plated, a meal kit subscription service. Nick and Josh appeared on Shark Tank Season 5 and asked for $500,000 in return for 4% equity in their company, Plated.
Mark Cuban decided to invest $500k in return for about 5.5% in Plated, plus advisory shares. However, post Shark Tank, Plated’s deal with Mark fell through.
Luckily, afterward, Nick met Kevin O’Leary at an event and upon knowing the deal had failed, Kevin decided to invest in Plated. Although the amount is not disclosed, Kevin’s investment definitely helped Plated to grow.
In 2017, the famous grocery line Albertsons purchased Plated for $300 million. Unfortunately, the store chain ended the subscription service in 2019.
GoGoGear
Desiree Estrada and Arlene Battishill appeared on Shark Tank Season 3 to pitch their company, GoGoGear. GoGoGear is a line of stylish, functional, and defensive motorcycle gear. The duo asked for $300k for 15% equity in their company.
As a fashion entrepreneur and bike rider, the organization was the ideal fit for Daymond John, who offered $300k in return for 65% value.
However, GoGoGear’s CEO, Arlene, informed that the deal never really closed. As per Arlene, both parties chose not to close the deal because of the effects of the recession which made GoGoGear lose 8,000 retailers in a single year. Daymond decided to be one of the advisors for the organization.
Despite both the recession and the pandemic, GoGoGear was capable of surviving. As of 2024, the company is active and is earning more than $7 million every year.
How Do You Roll
Brothers Yuen and Peter Yung presented their fast-casual sushi restaurant franchise, How Do You Roll in Shark Tank Season 4. They asked for $1 million in exchange for 12% equity in their business.
After offers and counteroffers, the brothers decided to accept Kevin O’Leary’s offer of 1 million in return for 20% equity and a monthly disbursement given to all shareholders.
Although, after the show, the deal between the founders and Kevin O’Leary never actually closed.
The organization performed well and developed consistently over the years. Then, in 2015, the siblings sold How Do You Roll to a private restaurant line for an undisclosed amount. While they stayed in business for quite a long time after the ownership changed, as of August 2021, they are unfortunately not in business.
Beard King
Couple Nicholas and Alessia Galekovic founded their company, Beard King. Beard King produces a grooming cape that makes it simple to catch and discard hair clippings,
Appearing on Shark Tank Season 7, the founders asked for $100,000 in return for 20% equity in Beard King. After multiple negotiations, they accepted Lori Greiner’s offer of $100k for 40% equity.
After the show, their deal with Lori never really took place. Beard King is still in business and doing quite well.
EarthLog
Produced using recycled materials, EarthLog offered a unique type of fire log that burned up to three times hotter, made 80% less smoke, and had an incredible scent as well.
Presenting his brand EarthLog on Shark Tank Season 6, founder Tom Sanetti asked for $160,000 in return for 20% equity in his company.
Lori Greiner offered $160,000 in exchange for 30% equity, and Tom agreed to it. But, the deal was never finalized after the episode aired.
While EarthLog at first proceeded to make progress, the company was out of business before the beginning of 2019.
Beyond Sushi
Vegan chef Guy Vaknin appeared on Shark Tank Season 10 to pitch his vegan sushi company, Beyond Sushi. In the Tank, he asked for $1,500,000 in exchange for 25% equity (West) + 5% equity (East) in his company.
Guest Shark Matt Higgins, along with Lori Greiner, offered $1.5 million for 15% equity on the East Coast and 30% equity on the West Coast business. The guy accepted that deal.
However, after the show, Guy reconsidered his decision and didn’t finalize the deal with Lori and Matt.
The reason behind dropping the deal isn’t totally clear. However, Guy keeps on experiencing huge success in New York City, where he has three outlets Beyond Sushi. The company is thriving and makes nearly $5 million in annual income.
Night Runner 270
Founders Renata and Doug Storer pitched their company Night Runner 270 in Shark Tank Season 8 and asked for $200,000 in return for 10% equity. The company makes small LED lights particularly intended to be attached to sneakers to add visibility while running in dark places.
Entrepreneurs Renata and Doug Storer secured a deal from Robert Herjavec. Robert offered them $200,000 for 15% equity in the company, along with $150,000 as a loan.
After the episode aired, the deal between Robert and Night Rubber 270 ended up incomplete.
Later, founder Doug stated that he didn’t finalize the deal because when negotiation started after the show, he already obtained the money he needed.
Luckily, not making the deal didn’t affect the company. Night Runner 270 is still actively in business and doing great.
Conclusion
From the above discussion, it is evident that all the deals offered by Sharks, do not necessarily end up getting finalized.
The decision not to finalize a deal is definitely mutual. So after the show, if a deal falls apart, both parties – the entrepreneurs and the Sharks are equally responsible and aware of the ultimate decision.
In some cases, the company was shut down because of ultimately not getting the investment and expertise of Sharks. In a few cases, not closing the deal with Sharks didn’t even impact the business a bit, and the founders kept their business alive without any assistance from the Sharks.
